Project management terminology

Sow

Statement of Work-project statement of work

PDU

Professional Development Unit-Professional Development Unit

Bcws

Budgeted cost for work scheduled-planned work budget fee.

That is, according to the schedule, the total amount of funds required for the work (or part of work) to be completed at a certain time point based on the budget. Generally, unless there is a change in the contract, bcws should remain unchanged during project implementation. ,

Bcws = planned workload x Budget Unit Price.

Bcwp

Budgeted cost of work completed MED-completed work budget fee.

The total amount of funds required for the work (or part of the Work) completed at a certain time point based on the approved budget, also known as the "completed investment amount ". Because the owner pays the corresponding cost for the contractor's workload based on this value, that is, the amount that the Contractor obtains (earned), it can be called the Earned Value. Of course, the completed work must pass the acceptance and meet the quality requirements.

Bcwp = completed workload x Budget Unit Price.

Acwp

Actual cost for work completed MED-actual cost of finished work, and some materials are also called AC (actual value ).

Acwp refers to the working hours (or expenses) consumed by the actual workload completed at a certain stage in the project implementation process ). Acwp mainly reflects the actual consumption indicators of project execution.

PV

PV (= bcws)-planning Value

EV

EV (= bcwp)-Earned Value

AC

AC (= acwp)-actual cost

CV

Cost Variance-cost Deviation

CV = ev-ac

SV

Schedule variance-Progress Deviation

SV = ev-PV

CPI

Cost Performance Index-Cost Performance Index

CPI = eV/AC

SPI

Schedule Performance Index-progress performance index

SPI = eV/PV

PERT

Program/project evaluation and review technique-Plan Review technology.

In short, pert is a technology that uses network analysis to develop a plan and evaluate the plan. It can coordinate various processes of the entire plan, reasonably arrange manpower, material resources, time, and funds, and accelerate the completion of the plan. In terms of preparation and analysis of modern plans, pert is widely used and an important means and method of modern project management.

The PERT Network is an arrow chart similar to a flowchart. It depicts the order of various activities included in the project, indicating the time or related costs of each activity. For the PERT Network, the project manager must consider what to do, determine the dependencies between time, and identify potential problems, with pert, you can also easily compare the progress and cost of different action plans.

To construct a PERT chart, three concepts need to be clarified: events, activities, and key routes.
1. events indicate the point at which the main activity ends;
2. Activity indicates the process from one event to another;
3. The critical path is the sequence of events and activities that take the longest time in the PERT Network.

Reference: http://baike.baidu.com/view/133808.htm

Total float

Total float-the total floating time, which is the premise of not delaying the project completion date or violating schedule constraints, the total time that a progress activity can be postponed (starting from its earliest start date ).

Total floating time = Latest Start Time-earliest start time

= Latest completion time-earliest completion time

Reference: http://baike.baidu.com/view/4596417.htm

Free float

Free float-free floating time refers to the time that the activity can be postponed without delaying the earliest start time of any subsequent activity.

Free Floating time = (the earliest start time of the subsequent activity)-(the earliest completion time of the activity)

reference: http://baike.baidu.com/view/4596409.htm